The European Parliament has adopted a package of laws strengthening the EU's tools to combat money laundering and terrorism financing.
In particular, a pan-European limit of 10,000 euros for cash transactions has been approved, with exceptions for transactions between private individuals for non-commercial purposes.
The legislation also includes provisions to enhance vigilance over high-net-worth individuals (those with a net worth of at least 50 million euros) and measures to ensure compliance with targeted financial sanctions and prevent their circumvention.
The legislation empowers financial intelligence units (FIUs) with enhanced capabilities to analyze and detect cases of money laundering and terrorism financing. They are also authorized to suspend suspicious operations, a crucial tool in the fight against financial crimes.
New laws incorporate enhanced customer due diligence measures, whereby banks managing assets, cryptocurrencies, or real estate agents must report suspicious activity to FIUs and other competent authorities.
Starting in 2029, leading professional football clubs engaged in significant financial operations with investors or sponsors, including advertisers and player transfers, must also conduct customer checks, track transactions, and report suspicious transactions to FIUs.
The laws still need to be officially adopted by the EU Council before they can be published in the EU's Official Journal.
It is worth noting that in Ukraine, financial transactions exceeding 400,000 hryvnias are subject to financial monitoring, which is slightly less than 10,000 euros. Banks verify client data, their business, and the sources of income to promptly detect unusual behavior and suspicious financial transactions.
